Weekly Mortgage Refinance Biz Up, Purchases Down

Declining interest rates helped drive up refinance activity but weren’t enough to lift the level of purchase financing. Government-insured business took a big hit.

At 177, the U.S. Mortgage Market Index from OpenClose and Mortgage Daily for the week ended June 17 retreated 2 percent compared to the prior week.

But a year-over-year improvement of one-third was recorded for the index, which is a representation of average per-user rate locks by clients of Open Close.

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From:: Financing